A new fund has committed £300m to SME and regional housebuilders to help deliver 10,000 new homes by 2025.

The Housing Growth Partnership II, funded by Homes England and Lloyds Banking Group, aims to bridge the homebuilder funding gap.

The new fund will support the delivery of a wider range of housing projects including Build to Rent, regeneration and retirement living. The partnership will also look to prioritise projects with a greater sustainability focus.

Housing minister Christopher Pincher said: 'A thriving SME sector is crucial to our house building targets and ambitions. This significant amount of funding will help smaller and regional housebuilders by providing them with the financial support necessary to deliver much needed new homes.'

The fund will also partner with the most ambitious SME housebuilders in the UK to support their growth and development through its new Regional Growth Initiative.